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The Exchange

The Exchange

The Exchange is a messaging service, which enables brokers, underwriters, coverholders and IT suppliers to have a single connection point from which they can send and receive information securely between multiple parties.
It is not intended to impose a way of working, but supports brokers, managing agents and coverholders by providing a simple service to enable a standardised way in which to exchange electronic information.

The Exchange offers:

  • A simple way of connecting to all your trading partners
  • A single connection point with a low overhead for organisations to support and maintain
  • Simplified interconnectivity between IT service providers
  • A way of exchanging structured information which can be fed directly into back office systems
  • Message validation according to a single ACORD standard enabling consistent implementation of the standard across the Market
  • The possibility of having a managed process of upgrades for the market
  • A highly secure environment
    A highly reliable network

What is the Exchange used for?

The Exchange is currently used to support the processing of ACORD messages for a number of initiatives including:

  • Electronic Endorsements
  • Accounting and Settlement processing in the non-bureau company market
  • Structured Data Capture solution
  • Coverholder Risk Bound Reporting Messages
  • Central Service Refresh Program (CSRP)

How it Works

  • A messaging hub
  • At the heart of the Exchange is an ACORD certified messaging hub. It handles authentication, authorisation, routing, delivery and response management.
  • A market directoryA repository of underwriter contacts details are held centrally. This is used by broker systems to address their electronic endorsement messages to the appropriate person at the carrier end.The TMEL Portal provides a user interface to the market directory. A username and password to the portal is provided to organisations when they first register with TMEL. Web services are also available for integration; please contact us for further information.


The Exchange is owned by The Message Exchange Limited (TMEL).TMEL is a company limited by guarantee. There are four equal participant organisations that jointly own TMEL – International Underwriters Association (IUA); London and International Insurance Brokers Association (LIIBA); Lloyd’s Market Association (LMA); and the Society of Lloyd’s (Lloyd’s).

Each member nominates one director to the TMEL Board.

They are currently:

  • Mark Chapman (IUA) – Chair
  • Jennifer Rigby (Lloyds)
  • Robert Myers (LMA)
  • Christopher Croft (LIIBA)

Vision and Mission

To manage the provision of the Exchange service to meet the operational requirements of its customers and the ambitions of its members in accordance with the articles of association.

To provide a trusted electronic messaging hub to the insurance market by ensuring

  • A seamless, reliable and uninterrupted messaging service to the insurance market.
  • A cost effective method of facilitating the exchange of data between insurance business partners.
  • A trusted utility service that boosts insurance market competitiveness.

Who is connected?

Brokers connected to the Exchange

Alwen Hough Johnson
Aon Benfield
Arthur J Gallagher (UK) Ltd
AssuredPartners London Ltd
BMS Group Ltd
Boston Marks
Channing Lucas & Partners
Cogent Resources Ltd
Cooper Gay
EPG Insurance Serivices
Griffiths & Armour Global Risks
Grosvenor Brokers (America) LLC
Guy Carpenter
Howard Global Insurance
Integro Insurance Brokers Ltd
James Hampden Ib Ltd
Jardine Lloyd Thompson
JIS Chile
Kite Warren Wilson
KM Dastur & Co Ltd
Lockton Companies LLP
Lonmar Global Risks Limited
Lonsdale Insurance Brokers Ltd
Marine Aviation and General
Marsh Ltd
Meridian Risk Solutions Ltd
Miller Insurance Services Ltd
Newman Martin & Buchan LLP
Price Forbes & Partners Ltd
Qatarlyst Limited Broker
R K Harrison Group Ltd
RFIB Group Limited
Ropner Insurance Services Ltd
Seascope Insurance Services Ltd
Speedwell Insurance Brokers
SSL Insurance Brokers Ltd
Thompson Heath & Bond Ltd
Towers Watson Re(Insurance Brokers Ltd
TUE Limited
Tyser & Co Ltd
United Insurance Brokers Ltd
Willis Limited
Windsor Partners Ltd

IUA companies connected to the Exchange

ACE European Group
AIG Europe
Allianz Global
Arch Insurance Company (Europe) Ltd
Aspen Insurance UK Ltd
Assicurazioni Generali
Axis Re Ltd
Axis Specialty (Bermuda)
AXIS Specialty Europe Ltd
CNA Insurance Company
Catlin Group Limited
FARADAY Reinsurance Company Limited
Global Aerospace
Great Lakes Reinsurance
Groupama Transport
HCC Europe-Swiss
HCC Global PI
HCC International Ins Co
HCC London Market
Lancashire Insurance
Liberty Mutual Ins Europe
Markel International
MS Frontier Re Ltd
Munich Re UK Branch
Navigators Insurance Co
QBE Insurance (Europe) Ltd
QBE Re (Europe) Ltd
RSA Insurance PLC
SCOR UK Group Ltd
Swiss Re Europe SA, UK Branch
Swiss Re International SE, UK Branch
TransAtlantic Re
XL Re Europe Ltd

Managing agents connected to the Exchange

Ace Limited
Advent Underwriting
AEGIS Managing Agency Limited
Alterra at Lloyd’s (MAX)
Amlin Underwriting Limited
Antares Managing Agency Limited
ANV Syndicate Management Limited
Arch Underwriting at Lloyd’s
Argenta Syndicate Management Limited
Argo Managing Agency Limited
Ark Syndicate Management Limited
Ascot Underwriting Limited
Aspen Managing Agency Limited
Assicurazioni Generali
Asta (Managing Syndicate 1910 (Ariel))
Asta (Managing Syndicate 2015 (Channel))
Asta (Managing Syndicate 2525)
Asta (Managing Syndicate 2526)
Asta (Managing Syndicate 4242 (ICAT))
Atrium Underwriters Ltd.
Barbican Syndicate 1955
Beaufort Underwriting Agency Limited
Beazley Furlonge Limited
Brit Syndicates Limited
Canopius Managing Agents Limited
Capita Managing Agency Ltd (Syndicate 2232 Allied World)
Cathedral Underwriting Limited
Catlin Underwriting Agencies Limited
Channel Syndicate
Charles Taylor Managing Agency
Chaucer Syndicates Limited
Chubb Managing Agent
CNA Hardy
Faraday Underwriting Limited
Hardy Underwriting Ltd
HCC Underwriting Agency Limited
Hiscox Syndicates Limited
Jubilee Managing Agency Limited
Liberty Syndicate Management Limited
MAP Managing Agency Partners Limited
Markel Syndicate Management Limited
Mitsui Sumitomo Insurance Underwriting at Lloyd’s
Montpelier Underwriting Agencies Limited
Munich Re Underwriting Limited (managing Watkins Syndicate)
Navigators Underwriting Agency Limited
Neon Underwriting Limited
Newline Underwriting Management Limited
Novae Syndicates Limited
Omega Underwriting Agents
Pembroke Managing Agency Ltd
ProSight Specialty
QBE Underwriting Limited
R&Q Managing Agency (Syndicate Skuld 1897)
R.J. Kiln & Co. Limited
RenaissanceRe Syndicate Management Limited
S.A. Meacock & Company Limited
Sagicor at Lloyd’s Limited
Sportscover Underwriting Limited
Starr Managing Agents Limited
Syndicate 2526
Talbot Underwriting Limited
Tokio Marine Kiln Syndicates Ltd
Travelers Syndicate Management Limited
VIBE Syndicate Management Ltd
WR Berkley Syndicate Management Limited
XL London Market Limited

ACORD standards

The Exchange uses agreed ACORD messaging standards to ensure a common framework and guidelines for all electronic communication within the London market. The Exchange seeks to drive market standards and therefore will not accept non-ACORD messages.

Structured information sent electronically will be validated against the agreed versions of the ACORD standard. Users are notified where validation has failed ensuring the common use of the standard.

A smarter way of sharing information
Using ACORD standards a number of benefits can be achieved, including;

  • Enhanced interoperability; systems able to talk to each other in the same language.
  • ACORD messages can update back office systems and documents can be delivered directly to document repositories.
  • ACORD is a global standard – data becomes international and portable.

Which ACORD version will be used?
This link details the ACORD standard versions supported on the Exchange

ACORD certification
It is a requirement that any organisation intending to directly connect to the Exchange is ACORD certified. This includes IT service providers and also managing agents and brokers that connect direct via internally developed systems.

The Exchange has successfully passed the ACORD Hub Certification.

ACORD Test Harness
The ACORD Test Harness is a live application which organisations can interact with in order to test and certify their implementations of ACORD messages.

The Test Harness has two modes – Message-only Testing and Business Trading Partner Testing:

Message-Only Testing simply checks your XML message to ensure it passes Schema and Business Rules required by the ACORD Standards.

The Business Trading Partner Testing allows you to interact with the Test Harness as a “virtual” business partner, enabling you to send ACORD messages to the Test Harness for validation and receive responses indicating acceptance or error(s). The Test Harness can also send messages to you and accept your responses.

Getting certified via the Exchange
Certification can be achieved via a direct connection to the Test Harness or alternatively organisations can connect via the Exchange, the latter option means the process will be in line with how an organisation subsequently uses the Exchange.

ACORD is the primary point of reference for all enquiries relating to ACORD certifications.

Please refer to the ACORD website for further information.

Get connected

Think about your connection option

  • Talk to your existing IT supplier – do they have plans to develop electronic messaging and use of ACORD standards?
  • Investigate which connection option would be best for your organisation – as a tactical solution a message management tool may be the best option, whereas longer term, integration with back office systems may provide greater benefit.

How do I connect?
The Exchange allows a transition to electronic messaging through a variety of starting points. By allowing choice in connection options an environment has been created where each organisation can choose a solution that best fits their own internal priorities and requirements.

Entry level is dependent on how much you want to invest and the level of benefit you want to achieve. Full integration will deliver the greatest value to the organisation and is most appropriate for those participants who are fully committed to the electronic transfer of data.

Connection options
The same connectivity options are available to all market participants; Brokers, Lloyd’s Managing Agents, Company market carriers and Coverholders.

Message management tools (MMTs)
The message management tool is an appropriate connection option for those who want to engage with electronic messaging without committing to the expenditure and time commitments of full integration. Information will not automatically enter internal systems and will still need to be re-keyed, however time savings and speed of placement benefits can still be realised.

These packages provide a range of functionality depending on which supplier is chosen. Typically they will provide message history, tracking/status indicators and individual message inboxes.

Suppliers can host the systems for you or they can be deployed in your own environment according to your requirements.

Whilst MMTs do not initially integrate with back office systems there is a clear upgrade path available from most suppliers which will enable integration at a later date.

Trading platforms
Trading platforms offer a trading service which handles the risk distribution and placement process electronically, most usually via a web browser. Like the message management tool they can ultimately integrate with back office systems.

Integration with back office
Some organisations will want to develop their own direct ACORD compliant connectivity to the Exchange from internal systems. This allows for messages to be composed from internal systems, and ensures that data contained within responses is appropriately downloaded and managed, with additional opportunities to integrate workflow.

IT suppliers
There are a number of companies who provide the gateway software that enables messaging, message management tools and integration services. Please contact us for a list of key suppliers.

Connection process

Before commencing technical and business testing, participants will need to complete a Registration Form and return this to the TMEL Support Team.

In addition, you will also be required to sign and return the Interchange Agreement and the TMEL Terms and Conditions before you can commence with go-live on the Exchange.

Once you have been set up on each environment, connectivity testing will need to be carried out. This can be arranged with trading partners already connected to the Exchange, or the Exchange support team will be able to assist with testing from the internal TMEL test harness. Please contact the TMEL Support Team for further information.

Go – Live
On successful completion of connectivity testing in the Production environment and confirmation of readiness for go-live, the TMEL Support Team will send out an email communication to all connected participants informing them of your organisation’s availability for messaging via TMEL.

Interchange Agreement

All parties connecting to the Exchange to transact electronic placing/endorsement messages are required to sign the Interchange Agreement.

Please follow this link to a conformed copy of the London Market Interchange Agreement (IA) dated 6 September 2010 (IA) which evidences agreement to it by Aon, Marsh, Willis, Catlin, Liberty Syndicates and QBE as the ‘Initial Parties’.  This was put forward as a model agreement that will best provide legal clarity around electronic data exchange in the market.

The Initial Parties to the agreement were Aon, Marsh, Willis, Catlin, Liberty Syndicates and QBE.  Other firms can commit to this agreement – to govern their dealings with all other signatories – unilaterally by signing the Letter of Adherence.  As set out in the Interchange Agreement, LMG Secretariat will maintain, and publish on its website, a list of all firms that have signed up to the agreement in this manner.  Instructions for informing it that your firm has executed the agreement are provided below.

In order to ensure that all necessary areas of your business are covered we would ask you to sign a separate Letter of Adherence in respect of each separate registered company (legal entity) where relevant.

The agreement has been reviewed by Freshfields Bruckhaus Deringer LLP.

Notifying LMG Secretariat of execution of the agreement
Firms should complete the relevant sections of the Letter of Adherence and produce a copy on their own letter head.  They should then send a scan of the signed copy of the letter of adherence, along with the required email and postal addresses for service as set out in clause 3.2, to

MarketIA Version for signature Sept 2010
Letter of Adherence
Interchange Agreement Signatories

TMEL Terms & Conditions

All firms connecting to the Exchange are required to sign the Terms and Conditions of Use.  These are available via the link below.

The Exchange Ts&Cs

Terms and Conditions Signatories

TMEL Roadmap

All firms connecting to the Exchange are required to sign the Terms and Conditions of Use.  These are available via the link below.

TMEL Roadmap

Contact us

James Bobbitt
Tel:            +44 (0)20 7327 5248

Paula Wright
Tel:           +44 (0)20 7327 6626